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Discover LudwigThe phrase "a covered asset" is correct and usable in written English.
It can be used in financial or legal contexts to refer to an asset that is protected or secured in some way.
Example: "The bank requires that all loans be backed by a covered asset to minimize risk."
Alternatives: "secured asset" or "protected asset".
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But unlike the assets in a securitized mortgage bond, the assets in a covered bond, known as a cover pool, are kept on the issuer's balance sheet.
The study uses 10 indicators to create a poverty index measure — namely: nutrition, child mortality, years of schooling and attendance, cooking fuel, water, sanitation, electricity assets and a covered floor.
A covered bond is a securitized debt instrument backed by a pool of high-quality assets, usually mortgages.
A 'covered' asset could be the sale of stock that was purchased after 2011, or a mutual fund that was purchased after 2012.
— in a covered bullfighting stadium.
With a covered wagon?
The second floor has a covered porch.
In front, there's a covered porch.
Or even outdoors, in a covered area".
Everybody brought a covered dish".
Store in a covered container in freezer.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com